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Income Per Share and Per Unit (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Computation of Basic Net Income Per Share | The computation of basic net income per share is presented below:
| Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |  |
| June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |  |
| (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 4,664,232 |  |  | $ | 5,257,670 |  |  | $ | 5,987,053 |  |  | $ | 6,645,185 |  |
Less: Net income allocated to participating share awards |  | (52,283 | ) |  |  | (71,282 | ) |  |  | (76,480 | ) |  |  | (81,225 | ) |
Net income attributable to non-controlling interest |  | (48,151 | ) |  |  | (130,798 | ) |  |  | (36,033 | ) |  |  | (105,838 | ) |
Undeclared distributions to preferred stockholders |  | (1,994,313 | ) |  |  | (1,994,313 | ) |  |  | (3,988,625 | ) |  |  | (3,988,625 | ) |
Net Income attributable to common stockholders for EPS computation | $ | 2,569,485 |  |  | $ | 3,061,277 |  |  | $ | 1,885,915 |  |  | $ | 2,469,497 |  |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number common shares outstanding for basic EPS computation |  | 19,431,455 |  |  |  | 18,712,452 |  |  |  | 19,395,528 |  |  |  | 18,658,538 |  |
Effect of dilutive participating securities: |  |  |  |  |  |  |  |  |  |  |  |
Unvested restricted shares |  | — |  | (1) |  | 2,646 |  |  |  | — |  | (1) |  | — |  | (1)
Weighted average number common and common equivalent shares outstanding for diluted EPS computation |  | 19,431,455 |  |  |  | 18,715,098 |  |  |  | 19,395,528 |  |  |  | 18,658,538 |  |
Basic net income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed income | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
Total basic | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
Diluted net income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed income | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
Total diluted | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
(1) Anti-dilutive, therefore not included.
Computation of Basic Net Income Per Unit | Income Per Unit – The computation of basic net income per unit is presented below:
| Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |  |
| June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |  |
| (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 4,664,232 |  |  | $ | 5,257,670 |  |  | $ | 5,987,053 |  |  | $ | 6,645,185 |  |
Less: Net income allocated to participating unit awards |  | (52,283 | ) |  |  | (71,282 | ) |  |  | (76,480 | ) |  |  | (81,225 | ) |
Undeclared distributions to preferred unitholders |  | (1,994,313 | ) |  |  | (1,994,313 | ) |  |  | (3,988,625 | ) |  |  | (3,988,625 | ) |
Net income attributable to unitholders for EPU computation | $ | 2,617,636 |  |  | $ | 3,192,075 |  |  | $ | 1,921,948 |  |  | $ | 2,575,335 |  |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of units outstanding for basic EPU computation |  | 20,004,351 |  |  |  | 19,810,991 |  |  |  | 19,990,120 |  |  |  | 19,806,173 |  |
Effect of dilutive participating securities: |  |  |  |  |  |  |  |  |  |  |  |
Unvested restricted units |  | — |  | (1) |  | 2,646 |  |  |  | — |  | (1) |  | — |  | (1)
Weighted average number of equivalent units outstanding for diluted EPU computation |  | 20,004,351 |  |  |  | 19,813,637 |  |  |  | 19,990,120 |  |  |  | 19,806,173 |  |
Undistributed income | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
Total basic | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
Diluted net income per unit: |  |  |  |  |  |  |  |  |  |  |  |
Undistributed income | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
Total diluted | $ | 0.13 |  |  | $ | 0.16 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |
(1) Anti-dilutive, therefore not included.

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- References No definition available. + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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